American artists top $68.2 million London auction

1 July 2010

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Andy Warhol's 1963 silkscreem entitled "Silver Liz" went for $10.1 million at Christie's.

Pop artist Andy Warhol led a 45.6 million pound ($68.2 million) sale at Christie’s International in London Tuesday night. Good quality and low estimates were a deciding edge in helping along the 52-lot sale's 84% sell-though rate. Twenty-five lots exceeded estimates.

The silver 1963 silkscreen, “Liz,” from a series by Warhol, estimated to fetch between 6 million pounds and 8 million pounds, went to a telephone bidder for 6.8 million pounds.

A record price was paid for a Jeff Koons painting. His 1999 “Loopy” was purchased by Gagosian Gallery, which represents the artist, for 3.4 million pounds.

Roy Lichtenstein’s 1995 acrylic “Collage for Nude with Red Shirt” tripled its estimate, reaching 2.7 million pounds.

The 1982 Jean-Michel Basquiat canvas, “Untitled,” featuring a square-headed smiling face, failed to meet its low estimate of 2.5 million pounds and was passed. The market may be too saturated with Basquiats due to the current exhibition at the Beyeler Foundation in Basel, according to dealers.

Read more at Bloomberg

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